Déanann EAA gearán faoin gcaoi a gcaitear le TAP SGPS i bhfabhar TAP SGPS nuair a chuir an Stát tacaíocht airgeadais ar fáil chun cabhrú le TAP SGPS a athstruchtúrú a dhéanamh.
EAA complains about the discriminatory treatment in favour of TAP SGPS when the State provided financial support to assist TAP SGPS with its restructuring.
Nuair a cuireadh tús le próiseas tarrthála agus athstruchtúrúcháin TAP SGPS, bhí TAP Air Portugal faoi lánúinéireacht ag TAP SGPS agus ba í a fochomhlacht ba mhó, agus ba é sin tuairim is 98 % de láimhdeachas TAP SGPS.
When the rescue and restructuring process of TAP SGPS started, TAP Air Portugal was fully owned by TAP SGPS and was its largest subsidiary, accounting for around 98 % of TAP SGPS’ turnover.
Chuir an Phortaingéil an chabhair tarrthála i bhfeidhm agus d’eisíoc sí í chuig TAP SGPS i mí Iúil 2020 agus thíolaic sí plean athstruchtúraithe le haghaidh TAP SGPS an 10 Nollaig 2020.
Portugal put into effect and disbursed the rescue aid to TAP SGPS in July 2020 and submitted a restructuring plan for TAP SGPS on 10 December 2020.
Is cuideachta shealbhaíochta í TAP SGPS a corpraíodh in 2003, agus cruthaíodh TAP Air an Phortaingéil in 1945 mar aerlíne shuaitheanta na Portaingéile.
TAP SGPS is a holding company incorporated in 2003, whereas TAP Air Portugal was created in 1945 as the Portuguese flagship airline.
Mhínigh údaráis na Portaingéile nach rabhthas ag súil le hathruithe ar struchtúr scairshealbhóirí TAP SGPS go dtí mí an Mheithimh 2020, toisc gur chomhaontaigh scairshealbhóirí uile an tairbhí go raibh gá le cúnamh tarrthála chun gníomhaíocht TAP Air na Portaingéile a choimeád agus chun inmharthanacht TAP SGPS a choinneáil san fhadtéarma.
The Portuguese authorities explain that until June 2020, no changes of the shareholder structure of TAP SGPS were contemplated, as all shareholders of the beneficiary agreed on the need for rescue aid to maintain the activity of TAP Air Portugal and the viability of TAP SGPS in the long run.
Ar an gcuma chéanna, ó deonaíodh an chabhair tarrthála, tháinig athrú ar scairshealúchas TAP SGPS in TAP Air Portugal nuair a shínigh Stát na Portaingéile trí DGTF le hardú caipitil TAP Air Portugal de EUR 462 mhilliún.
Likewise, since the granting of the rescue aid, TAP SGPS’ shareholding in TAP Air Portugal changed when the Portuguese State via DGTF subscribed to TAP Air Portugal’s capital increase of EUR 462 million.
Tá an 8 % eile fós ag tap SGPS.
TAP SGPS currently holds the remaining 8 %.
Tap Aeir an Phortaingéil an scairshealbhóir aonair de Réitigh Lóistíochta TAP, S.A., cuideachta corpraithe ar an 30 Nollaig 2019 chun gníomhaíochtaí lasta agus poist a oibriú.
TAP Air Portugal is the sole shareholder of TAP Logistics Solutions, S.A., a company incorporated on 30 December 2019 to operate cargo and mail activities.
78,72 % in TAP Manutenção e Engenharia Brasil, S.A (“M&E Brasil”), gníomhach i gcothabháil aerárthaí do TAP Air Portugal agus do thríú páirtithe;
78,72 % in TAP Manutenção e Engenharia Brasil, S.A (‘M&E Brasil’), active in aircraft maintenance for TAP Air Portugal and for third parties;
Áirítear in aon tagairt d’Aeriompar TAP Air Portugal gach fochuideachta aeriompair de TAP SGPS, lena n-áirítear Portugalia, mura sonraítear a mhalairt.
Any reference to TAP Air Portugal includes all the air transport subsidiaries of TAP SGPS, including Portugalia, unless stated otherwise.
Agus tábhacht ghnó na haerlíne ar ioncam TAP SGPS á chur san áireamh, […].
Considering the weight of the airline business on the revenues of TAP SGPS, […].
Chuimsigh na deacrachtaí a bhain le TAP SGPS agus le TAP Air Portugal agus tháinig meath mór ar an suíomh cothromais dá bharr.
The difficulties of TAP SGPS and of TAP Air Portugal cumulated and led to a sharp deterioration of the equity position.
Is é atá go príomha i gceist le bearta arb é is aidhm dóibh acmhainn TAP Air Portugal a choigeartú ná cabhlach ceart-mhéide TAP Air Portugal a choigeartú agus barrfheabhas a chur ar líonra TAP Air Portugal.
Measures aimed at adjustment of TAP Air Portugal’s capacity mainly consist in right-sizing TAP Air Portugal’s fleet and optimizing TAP Air Portugal’s network.
Maidir le réamh-mheastacháin leachtachta, tá TAP Air Portugal ag súil go mbeidh […].
With regard to liquidity projections, TAP Air Portugal expects to […].
Cuireann an Phortaingéil i bhfios go láidir imscaradh acmhainne luaile TAP Air Portugal.
Portugal underlines TAP Air Portugal’s agile capacity deployment.
Athdhearbhaíonn an Phortaingéil go n-áiritheofar comhroinnt ualaigh ar leibhéal scairshealbhóirí TAP SGPS.
Portugal reiterates that burden sharing will be ensured at the level of shareholders of TAP SGPS.
Mar eisceacht, ní bheadh sé d’oibleagáid ar TAP Air Portugal a aistriú:
By exception, TAP Air Portugal would not be obliged to transfer:
Gheall an Phortaingéil nach bhfaigheadh TAP Air Portugal na sliotáin dhífheistithe ón nglacadóir leighis arís.
Portugal committed that TAP Air Portugal would not re-acquire the divested slots from the remedy taker.
a bheith neamhspleách ar TAP Air Portugal agus gan a bheith ceangailte léi;
be independent of and unconnected with TAP Air Portugal;
Inmharthanacht fhadtéarmach TAP Air Portugal
Long-term viability of TAP Air Portugal
I dtuairim Ryanair, bheadh comhthaobhacht shuntasach i bpunann sliotán aerfoirt agus sócmhainní eile TAP Air Portugal.
In Ryanair’s view, TAP Air Portugal’s portfolio of airport slots and other assets would represent a significant collateral.
Bearta iomaíochta a bhfuil bonn cirt leo i gcás TAP Air Portugal
Competition measures justified for TAP Air Portugal
D’athdhearbhaigh tromlach mór na mbarúlacha tábhacht TAP SGPS agus an gá lena inmharthanacht fhadtéarmach a áirithiú.
The large majority of observations received reinforced the importance of TAP SGPS and the need to ensure its long-term viability.
Ó shin i leith, tá staid airgeadais TAP SGPS tar éis dul in olcas.
Since then, the financial situation of TAP SGPS has worsened.
Tar éis modhnú a dhéanamh ar struchtúr caipitil TAP SGPS, a leanann as 22,5 % de scaireanna TAP SGPS a fháil ag DGTF, is é an Stát amháin a rialaíonn TAP SGPS […] (féach aithrisí (8), (11) agus (12)).
Following the modification of the capital structure of TAP SGPS, which is the consequence of the acquisition of 22,5 % of the shares of TAP SGPS by DGTF, TAP SGPS is solely controlled by the State […] (see recitals 8, 11 and 12).
Dá bhrí sin, i bhfianaise an tsuímh atá ag an Stát cheana mar scairshealbhóir ag a bhfuil 50 % de TAP SGPS […] agus an rialú a tionóladh ina dhiaidh sin, ní féidir le grúpa déileáil leis na deacrachtaí a bhaineann le TAP SGPS ná le TAP Air Portugal.
Therefore, given the pre-existing position of the State as shareholder holding 50 % of TAP SGPS […] and the control held thereafter, the difficulties of TAP SGPS and of TAP Air Portugal cannot be dealt with by a group.
Dar le Ryanair, d’fhéadfadh iomaitheoirí atá ag dul ar gcúl seirbhísí TAP Air Portugal a mhacasamhlú.
According to Ryanair, competitors that are stepping in could replicate TAP Air Portugal’s services.
Tacaíonn an chabhair um athstruchtúrú le plean fairsing athstruchtúraithe lena gcuimsítear imlíne iomlán ghníomhaíochtaí TAP SGPS agus gníomhaíochtaí TAP Air Portugal.
The restructuring aid supports a wide-ranging restructuring plan encompassing the entire perimeter of activities of TAP SGPS and of TAP Air Portugal.
Os a choinne sin, leis an bplé lena ndéantar maoiniú láithreach agus teagmhasach araon a áirithiú, tugtar comhthacú le neamhábaltacht TAP SGPS/TAP Air Portugal faoi láthair caipiteal a chruinniú ar mhórscála.
By contrast, the discussions securing both immediate and contingent financing with […] corroborate the inability of TAP SGPS/TAP Air Portugal at present to raise capital at large scale.
Níl ranníocaíochtaí ón Stát ina shuíomh scairshealbhóra de chuid SGPS TAP agus TAP Air Portugal saor ó chabhair agus ní féidir iad a chur san áireamh sa mheasúnú.
Contributions by the State in its position of shareholder of TAP SGPS and of TAP Air Portugal are not free of aid and cannot be taken into account in the assessment.
An tionchar a bhí ag aistriú 18 shliotán ar TAP Air Portugal a bheith inmharthana arís
Impact of the transfer of 18 slots on TAP Air Portugal’s return to viability
Cuireadh príobháidiú 61 % de scairchaipiteal TAP SGPS chun críche in 2015.
The privatisation of 61 % TAP SGPS share capital was executed in 2015.
Tagairt ISIN PTTAPBOM0007, TAP-SGPS 19/23.
Reference ISIN PTTAPBOM0007, TAP-SGPS 19/23.
TAP Air Portugal nach leithdháileann sé aerárthaí ar aon aerfort eile ina n-oibríonn sí.
TAP Air Portugal does not allocate aircraft to any other airport at which it operates.
Cinntí ón gCoimisiún an 23 Aibreán 2021, i gcás SA.62304 (2021/N) – COVID na Portaingéile 19: Cúiteamh damáiste do TAP Air Portugal, (IO C 240, 18.6.2021, lch. 1), an 21 Nollaig 2021, i gcás SA.63402 (2021/N) – COVID-19 Cúiteamh TAP II –gan foilsiú- agus cás SA.100121 (2021/N) COVID-19 Cúiteamh Damáistí do TAP III.
Commission decisions of 23 April 2021, in case SA.62304 (2021/N) – Portugal COVID 19: Damage compensation to TAP Portugal, (OJ C 240, 18.6.2021, p. 1), of 21 December 2021, in case SA.63402 (2021/N) – COVID-19 TAP Compensation II – not published – and case SA.100121 (2021/N) COVID-19 Damages compensation to TAP III.
Mar gheall ar ualach TAP Air Portugal i gclár comhardaithe TAP SGPS nuair a chuaigh sí faoi dheacrachtaí do na gníomhaíochtaí a chumhdaítear leis an bplean athstruchtúraithe, tagraíonn formhór na mbeart um athstruchtúrú oibríochtúil lena laghdaítear costais agus lena neartaítear ioncam agus réamh-mheastacháin dá bhforáiltear sa phlean athstruchtúraithe do TAP Air Portugal.
Due to the weight of TAP Air Portugal in the TAP SGPS’s balance sheet when it entered into difficulties for the activities covered by the restructuring plan, most operational restructuring measures reducing costs and strengthening revenue and projections provided in the restructuring plan refer to TAP Air Portugal.
Tá sé seo bailí ar feadh an ama nuair a bhí TAP Air Portugal faoi chomhrialú deiridh Parpública (an Stát), HPGB agus DGN, agus chomh maith leis sin i gcás ina bhfuil sí faoi smacht Stát na Portaingéile amháin, laistigh den aonad eacnamaíoch céanna lena comhchuideachta TAP SGPS, a bhfuil mionlach neamhrialaithe aici freisin a bhfuil seilbh aici in TAP Air Portugal.
This is valid both for the time when TAP Air Portugal was under the ultimate joint control of Parpública (the State), HPGB and DGN, and also for the present situation when it is under the sole control of the Portuguese State, within the same economic unit as its sister company TAP SGPS, which also has a non-controlling minority holding in TAP Air Portugal.
Cás SA.60165 – An Phortaingéil - Cabhair athstruchtúraithe chuig TAP SGPS.
Case SA.60165 – Portugal - Restructuring aid to TAP SGPS.
Leathadh fiachais chorparáidigh TAP 4 3/8 2023, sprioc-D/E ó Bloomberg (piaraí roghnaithe).
Corporate debt spread TAP 4 3/8 2023, target D/E from Bloomberg (selected peers).
Mar an gcéanna, cé go léiríonn na staidéir a cuireadh isteach fás agus iomaíocht ó iompróirí ar chostas íseal (aithris (105), ní léiríonn siad, gan trácht ar bith, go bhféadfadh iompróir amháin nó teaglaim ar leith díobh seirbhísí agus líonra TAP Air Portugal a mhacasamhlú nó a ionadú le cinnteacht. A mhalairt ar fad, mar a leagtar amach in aithrisí ((100) agus (132)), chuir go leor tríú páirtithe a bhraitheann orthu in iúl gur údar imní dóibh go gcaillfí seirbhísí TAP Air Portugal. Dá bhrí sin, deimhnítear leis an bhfaisnéis a chuirtear ar fáil le linn an imscrúdaithe fhoirmiúil cinneadh an Choimisiúin go bhfuil baol nithiúil ann go gclisfeadh an tairbhí láithreach ar a chuid oibleagáidí íocaíochta a chomhlíonadh, rud a fhágann go bhfuil baol ann go gcuirfí isteach ar ghníomhaíocht eacnamaíoch na seirbhísí aeriompair arna soláthar ag TAP Air Portugal.
Likewise, whilst the studies submitted show growth of and competition from low cost carriers (recital 105), they do not explain, let alone demonstrate that TAP Air Portugal’s services and network could be replicated or substituted with near certainty by one carrier or specific combinations thereof. On the contrary, as set out in recitals 100 and 132, many third parties which rely on them have voiced concerns regarding a possible loss of TAP Air Portugal’s services. The information provided in the course of the formal investigation, therefore, confirms the Commission’s finding that there is indeed a concrete risk of an immediate failure of the beneficiary to meet its payment obligations, thus leading to a risk of disruption of the economic activity of air transport services provided TAP Air Portugal.
An 10 Meitheamh 2021, thug an Phortaingéil fógra faoina pleananna chun státchabhair EUR 3.2 billiún, mar chabhair um athstruchtúrú, a dheonú don aonad eacnamaíoch faoi na Treoirlínte maidir le Státchabhair chun gnóthais neamhairgeadais atá i gcruachás a tharrtháil agus a athstruchtúrú (“Treoirlínte R&R”) don aonad eacnamaíoch, atá faoi rialú aonair faoi láthair ag Stát na Portaingéile, lena gcuimsítear Transportes Aéreos Portugueses SGPS S.A. (“TAP SGPS”) agus a chomhchuideachta reatha Transportes Aéreos Portugueses, S.A., lena n-áirítear a bhfochuideachtaí rialaithe (TAP SGPS).
On 10 June 2021, Portugal notified its plans to grant State aid in the amount of EUR 3,2 billion, as restructuring aid, under the Guidelines on State aid for rescuing and restructuring non-financial undertakings in difficulty (‘R&R Guidelines’) to the economic unit, currently under the sole control of the Portuguese State, comprising Transportes Aéreos Portugueses SGPS S.A. (‘TAP SGPS’) and its current sister company Transportes Aéreos Portugueses, S.A. (‘TAP Air Portugal’), including all their controlled subsidiaries (recitals 8 to 14).
Is é tairbhí na cabhrach um athstruchtúrú an t-aonad eacnamaíoch, atá faoi rialú aonair faoi láthair ag Stát na Portaingéile (aithrisí (11) agus (12)), a chuimsíonn TAP SGPS agus a chomhchuideachta reatha TAP Air Portugal, lena n-áirítear a bhfochuideachtaí rialaithe go léir.
The beneficiary of the restructuring aid is the economic unit, currently under the sole control of the Portuguese State (recitals 11 and 12), comprising TAP SGPS and its current sister company TAP Air Portugal, including all their controlled subsidiaries.
Nuair a ghlac an Coimisiún an cinneadh tosaigh maidir le cúnamh tarrthála, bhí 50 % agus AGW 45 % de scaireanna TAP SGPS ag Parpública, agus bhí an 5 % eile de na scaireanna i seilbh fostaithe TAP SGPS.
When the Commission adopted the initial rescue aid decision, Parpública held 50 % and AGW 45 % of TAP SGPS’ shares, while the remaining 5 % of shares were held by the employees of TAP SGPS.
Maidir leis na hathruithe thuasluaite ar a dtugtar tuairisc ar an rialú le linn an phróisis tarrthála agus athstruchtúrúcháin, tá siad d’ainneoin go n-áirítear, chun críocha an Chinnidh seo, le haon tagairt don ghnóthas is tairbhí a bhfuil an chabhair um athstruchtúrú chun tairbhe dó, TAP SGPS agus a fhochuideachtaí go léir nuair a cuireadh tús lena phróiseas tarrthála agus athstruchtúrúcháin ó Mheitheamh 2020, lena n-áirítear TAP Air Portugal, mura sonraítear a mhalairt.
The above described changes in the control during the rescue and restructuring process are notwithstanding that for the purposes of this Decision, any reference to the beneficiary undertaking that is favoured by the restructuring aid includes TAP SGPS and all its subsidiaries when its rescue and restructuring process started as of June 2020, including TAP Air Portugal, unless stated otherwise.
Ar an dara dul síos, ós rud é gur thuill TAP Air Portugal thart ar […] % d’ioncam TAP SGPS, bhí tionchar mór ag feidhmíocht aeriompróra ar staid fhoriomlán airgeadais a máthairchuideachta sealbhaíochta.
Second, considering that TAP Air Portugal earned around […] % of the revenues of TAP SGPS, the air carrier’s performance had a major impact on the overall financial situation of its holding parent.
Clúdaíonn an plean an t-aonad eacnamaíoch, atá faoi rialú aonair faoi láthair ag Stát na Portaingéile (aithrisí (11) agus (12)), ina bhfuil TAP SGPS agus a chomhchuideachta reatha TAP Air Portugal, lena n-áirítear a bhfochuideachtaí rialaithe go léir.
The plan covers the economic unit, currently under the sole control of the Portuguese State (recitals 11 and 12), comprising TAP SGPS and its current sister company TAP Air Portugal, including all their controlled subsidiaries.
Maidir le bunsheilbh TAP Air Portugal ag aerfort Liospóin, laghdaíonn an laghdú i bhflít TAP Air Portugal a cumas seirbhísí aeriompair paisinéirí a chur ar fáil gan amhras a tharraingt, áfach, ar an staid shuntasach sa mhargadh atá aici faoi láthair agus táthar ag súil go mbeidh sé ag deireadh na tréimhse athstruchtúraithe ag mol Liospóin.
With respect to TAP Air Portugal’s foothold at Lisbon airport, the decrease in TAP Air Portugal’s fleet reduces its ability to provide passenger air transport services without, however, calling into question the significant market position that it currently has and is expected to have at the end of the restructuring period at its Lisbon hub.
Is é an tríú luamhán is cúis leis an laghdú atá beartaithe ar chostais oibriúcháin TAP Air Portugal méid na gcostas saothair a laghdú, a bhfuil TAP Air Portugal ag súil leis go dtabharfaidh sé coigilteas EUR […] milliún in aghaidh na bliana, agus é carntha go tuairim is EUR […] billiún thar thréimhse an phlean athstruchtúraithe.
The third lever driving the planned reduction of TAP Air Portugal’s operating costs is the downsizing of labour costs, which TAP Air Portugal expects to yield EUR […] million of savings per year, cumulated to approximately EUR […] billion over the duration of the restructuring plan.
Mar sin féin, tá TAP Air Portugal urraithe ag […] milliún […], arna ráthú ag […] % ag Poblacht na Portaingéile, agus tá an […] % eile le comhthaobhú le TAP Air Portugal, […].
Nonetheless, TAP Air Portugal has secured EUR […] million […], guaranteed at […] % by the Portuguese Republic, while the remaining […] % is to be collateralised by TAP Air Portugal, […].
Tar éis an laghdaithe caipitil agus ionsú caillteanais dá dtagraítear thuas, déanfaidh Stát na Portaingéile, trí DGTF, méadú caipitil de thuairim is EUR […] milliún a shuibscríobh in TAP SGPS, a bheidh ina scairshealbhóir aonair de TAP SGPS.
Following the capital reduction and loss absorption referred above, the Portuguese State, via DGTF, will subscribe a capital increase of approximately EUR […] million in TAP SGPS, becoming the sole shareholder of TAP SGPS.